By Regan Oluoch
Kenya lost 6,715 shares in the African Development Bank (AfDB) last year, valued at Sh11.9 billion, after failing to complete its annual subscription payments within the deadline.
The country’s total share count fell to 180,161 as of the end of December 2025, from 186,876 a year earlier, reducing its stake from 1.16 per cent to 1.034 per cent.
The lower percentage has reduced Kenya’s ownership stake and influence in the continental lender, potentially diminishing its role in the institution’s decision-making processes.
The lost shares were acquired by financially liquid member states such as Egypt, Nigeria, and the United States.
Egypt remains the largest shareholder in the bank at 8.5 per cent, followed by Nigeria at 7.6 per cent and the United States at 5.5 per cent.
Member countries are expected to pay 6% of the price of a share in the AfDB, which is valued at Sh1.76 million per share. The remaining 94 per cent is callable capital, payable only if the bank faces severe financial stress.
Kenya was therefore supposed to pay Sh1.3 billion, which it failed to do after the lapse of a four-month grace period, significantly reducing its influence in the bank.
A higher shareholding in the bank equates to a greater say in AfDB affairs, and countries with the largest shareholdings decide how the bank is operated, the appointment of its leaders, and even its lending programmes.
“We have been facing a budget challenge. Sometimes we delay even paying salaries as the Kenya Revenue Authority may fail to deliver. That means we must cut expenditure,” a director from the National Treasury said.
He added that Kenya is one of the countries that wants to increase its shareholding in the bank.
“I know we can temporarily lose the shares, but we will get them back if you look at the long term,” he said.
Kenya’s shareholding in the AfDB increased from 93,610 shares in 2019 to 204,481, before declining in 2022 amid economic challenges.
President William Ruto is reportedly keen to increase Kenya’s ownership in African financial institutions to strengthen Africa’s ability to fund its own development. He has in the past promised to inject more capital into the AfDB, the Trade and Development Bank (TDB), and the African Export-Import Bank.
Last year, Kenya boosted its stake with an additional $100 million in the TDB and $50 million in Afreximbank, while still planning further contributions to the AfDB.
